Financial Emergencies: Why Planning is Important
September 8, 2020 | Emma Frost
Growing up, you were probably told how important it is to have a savings account. If you asked why it’s so important, you were probably answered with a vague response, something along the lines of so you can handle emergencies. While this answer is technically correct, when you’re young you probably don’t have a concept for what constitutes a financial emergency and the effect that it can have on you and your financial situation.
For this blog, I’ll cover what type of financial emergencies you’re likely to encounter along with the small things you can incorporate into your life that will help you build up your savings account. And, if you find yourself facing financial hardship and you’re wondering how you can get fast cash, I’ll tell you how payday loans just might be the option that can help you gain financial freedom and how finding a payday loan in Kentucky, especially in Frankfort, is so easy you’ll wonder why you haven’t used one of these loans before.
Types of Emergencies
Natural disasters can range anywhere from blizzards to chemical spills, droughts, and earthquakes, hurricanes to rabies in the area, depending on where you live in the country. In Kentucky, you’re more likely to encounter disasters such as landslides, flooding, and tornados with the occasional strong hurricane that can sometimes make it that far inland. Regardless of what disaster strikes, the necessary repairs that accompany these events are often intense and can be expensive.
A not-so-common and often overlooked emergency until recently, pandemics often cause several problems such as furloughs, firings, and decreases in paychecks. With so many people living each month paycheck-to-paycheck, making sure we have enough money to provide for ourselves can be difficult if your flow of income is disrupted by a pandemic.
It’s no secret that the cost of healthcare in this country is astronomical, particularly when our insurance only covers so much of the cost. Depending on what insurance you have, you could still be stuck with a bill that can skew your monthly budget.
What Happens When You Don’t Plan?
Now that you have a few examples for which emergencies you’ll likely encounter, here’s a list of what can happen to you if you don’t have an emergency fund to fall back on amid your emergency.
- You deplete the money in your bank account: Whether you have more saved than what you spend in a month or you have just enough to cover your bills and groceries, an unprecedented cost can destroy your budget.
- Your stress increases as you try and figure out how you can get extra money: Trying to locate extra money in your budget is nearly impossible if you’re living paycheck-to-paycheck.
- You can struggle to get back ahead after you’ve paid for your emergency: Many people struggle to get back ahead of their costs financially after handling an emergency.
The bottom line is this: recovering from a financial emergency is difficult, time-consuming, and it can trap you in a state of financial struggle.
What You Can Do to Plan
Automate Your Savings
A surefire and easy way to ensure you’re putting some money away each month is by automating an amount of money that can be transferred into your savings account when you get paid. The transferred amount can be tailored to fit what you can afford and it can happen frequently or infrequently, depending on your paychecks. Check out your banking app to see your automation options!
Apply for a Credit Card Ahead of Time
Having a credit card on hand to help you handle any surprise cost is a good way to, not only build your credit score but also to make sure you have something to fall back on when your bank account can’t handle what you’re facing. Credit cards are dependent on your credit score for approval and, while you can find one that will accept a low to average score, these credit cards aren’t a fast solution.
Find a Payday Loan in Frankfort
If these options and others you’ve researched aren’t viable, applying for a payday loan can help you if you’re out of ideas. Payday loans are a short-term loan option that you can get even with bad credit and without the use of a title for collateral. We serve several locations across the state of Kentucky, making it easy for you to find a payday loan in Frankfort and other cities. We specialize in getting you up to $500 when you need it most.
How to Get Approved for a Payday Loan
Thanks to our fast application that can be started at any time, from the comfort of your own home. After submitting the form, you’ll have the opportunity to pick the store location that is closest to you. Within a few minutes, you’ll receive a call from one of our loan specialists who will schedule a face-to-face meeting during which you’ll provide a few pieces of information, which includes:
- Your driver’s license or state-issued I.D.
- Your most recent paystub as proof of income
- A blank check from the active checking account in your name.
Payday loans aren’t dependent on your credit score. This means that your approval for a payday loan is dependent upon your current employment status and the income that you receive. The entire process can take as little as 30 minutes, meaning you could receive money on the same day that you complete your online form, putting you one step closer to financial freedom. Don’t let your emergency ruin your budget. Let us help you take control so you can put your emergency miles behind you.